What are some government assistance programs for homeowners?

A:

Quick Answer

The U.S. government provides the Home Affordable Modification Program and the Home Affordable Refinance Program to homeowners in need of assistance. Other programs available as of 2015 are the Affordable Foreclosure Alternatives Program, the Affordable Unemployment Program, the Federal Housing Administration Short Refinance and the Hardest Hit Fund.

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The Home Affordable Modification Program aims to lower a homeowner's monthly mortgage payments by adjusting the loan's interest rate or extending its term, which makes the mortgage more manageable for the borrower. The Home Affordable Refinance Program helps homeowners who are current on their mortgage get refinancing. Homeowners are able to save with this program even if they owe more on their home than it is currently worth.